Aseana Properties swings to interim loss amid weak Malaysian ringgit

Aseana Properties Ltd on Tuesday said it swung to an interim loss as it cited a depreciated Malaysian ringgit, in which all of its assets are denominated.

The property developer listed with investments in Malaysia reported revenue of USD11.0 million, up 2.6% from USD10.7 million a year prior.

Pretax loss was USD1.1 million, compared to a profit of USD2.5 million.

Chair Lim Tian Huat said: "The first half of 2026 reflects the outcome of the group's implementation of its business priorities of preserving cash, protecting the value of its remaining assets and reducing the cost of its debt. Following the completion of the refinancing in 2025, the group's finance costs for the first half of 2026 fell by approximately 41% compared to the prior period."

Foreign exchange losses weighted on Aseana with a cost of USD797,000, compared to a gain of USD7.5 million a year prior, due to the depreciation of the Malaysian Ringgit in which all of Aseana assets are denominated.

Excluding foreign exchange losses, the group reported an underlying operating profit of USD200,000, recovering from a loss of USD4.0 million a year ago.

Looking ahead, Chair Huat said: "The board recognises that there remains significant work ahead to further strengthen the group's financial position and we will continue to update shareholders as this progresses."

Aseana shares fell 7.7% to 6 US cents on Tuesday afternoon in London.

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